Parliament Monsoon Session 2024 Day 1 Highlights: Discussions held on preparedness for Olympic games

Lok Sabha was adjourned for the day following the discussion on India's preparedness for the upcoming Paris Olympic.

BJP leader Rajiv Pratap Rudy, while speaking in the house, said that RJD leaders must start studying and correct their claim that the Olympic contingent has no athletes from Bihar. He said that BJP MLA Shreyashi Singh in from Bihar and she is going to participate in Olympics.

“Preparations are over. What is the scope of having a discussion when teams have already left the country for Olympics... This is not fair on part of the government. Coming with a topic which is insignificant and irrelevant... ,” says N.K. Premachandran.

The agriculture insurance sector is likely to register growth from 2024 onwards, with an average real premium growth of 2.5 per cent over the medium term, according to the Economic Survey 2023-24.

The survey, tabled in Parliament on Monday, noted that agriculture insurance, accounting for about 12 per cent of the non-life insurance market, witnessed flat growth in FY23 due to a sharp decline in premium rates in the Kharif cropping season.

Congress Parliamentary strategy group meeting will be held today at 6 PM at CPP Chairperson Sonia Gandhi's residence to discuss the strategy and issues to be raised in the Parliament session.

The decision was taken based on an integrated consideration of all the factors listed above and the peculiar situation of the State. Earlier, the request of Bihar for Special Category Status was considered by an Inter-Ministerial Group (IMG) which submitted its Report on 30th March, 2012. The IMG came to the finding that based on existing NDC criteria, the case for Special Category Status for Bihar is not made out: MoS Finance Pankaj Chaudhary.

Coal is expected to continue to be the backbone of the Indian energy system for the next two decades and the phase-down of the dry fuel will be heavily dependent on the import of critical minerals required for clean energy and battery storage, the Economic Survey on Monday said. The carbon dioxide removal technologies and carbon capture utilisation and storage need to be explored to bring down the emissions from the use of coal, as per the Economic Survey 2023-24, which was tabled in Parliament.

The government's steps such as mandatory quality norms and increase in customs duties have significantly helped the domestic toy players to boost exports and reduce dependence on Chinese imports, Economic Survey said on Monday. It said that India's emergence as a toy exporting nation can also be attributed to its integration into the global value chain and zero-duty market access for domestically manufactured toys in critical countries such as the UAE and Australia.

"There will be no relief on tax for middle-class people and the poor...Every budget of PM Modi is prepared as per Adani and Ambani's advice," he said.

"The education minister is a failed education minister...If he has any integrity or morality he should have resigned," he said.

"We have always asked for discussion in the Parliament but the Govt is not interested. We will keep raising this issue and keep pressurizing the Govt," he said.

Sonia Gandhi arrived at the Parliament.

Economic Survey 2023-2024 tabled in Lok Sabha by Union Finance Minister Nirmala Sitharaman.

"Dharmendra Pradhan has blamed everybody except himself," Rahul Gandhi said.

"As long as this minister (Education Minister Dharmendra Pradhan) is there, the students will not get justice," he said.

LoP in Lok Sabha Rahul Gandhi raised questions over paper leaks in the country and termed the education system in the country a "fraud". Speaker Om Birla urged the MPs to give constructive suggestions to improve the examination system of the country.

"The issue is that there are millions of students in the country who are extremely concerned about what is going on and who are convinced that the Indian examination system is a fraud. Millions of people believe that if you are rich and you have money, you can buy the Indian examination system and this is the same feeling that the opposition has," Rahul Gandhi said.

Education Minister Dharmendra Pradhan responded to a question on the NEET paper leak in the Lok Sabha and said that the CBI is conducting the probe and the government has nothing to hide. He said that everything is on record.

The sessions in Lok Sabha and Rajya Sabha began at 11 am in the Monsoon Session today.

"In the election year of January 2029, you can play any game, but till then we should participate for the empowerment of the farmers, youth and the country," he said.

PM Narendra Modi said, "Today is the first Monday of Sawan. An important session is starting on this auspicious day. I extend my greetings to the countrymen on the first Monday of Sawan. The monsoon session of Parliament is starting today. Today the whole country is looking at it. This should be a positive session..."

Prime Minister Narendra Modi arrives at the Parliament, ahead of the commencement of the Budget Session of Parliament today.

"As Rajnath Singh said yesterday that it is everyone's responsibility to run the House, it will be a good discussion," he said.

The Reserve Bank of India, in its latest monetary policy meeting, raised the GDP forecast for the current year 2024-25 to 7.2 per cent from 7 per cent earlier. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the past few years.

On the morning of budget day, the finance minister will go to the North Block, where the Ministry of Finance is housed. She will meet the secretaries of her ministry, and later, along with them, she will reach the President's residence to get permission before presenting the Budget. Half an hour before the budget is presented, a Cabinet meeting headed by the Prime Minister is usually held, where ministers are briefed about the budget and Cabinet approval is taken.

Congress MP Manickam Tagore has given Adjournment Motion Notice in Lok Sabha, demanding to discuss the unprecedented cases of paper leaks in the conduct of exams including NEET-UG and UGC NET and the failure of National Testing Agency (NTA). Congress MP Manish Tewari gives Adjournment Motion Notice in Lok Sabha, demanding to discuss the border situation and the huge trade deficit with China.

The Economic Survey is prepared by the Economic Division of the Ministry of Finance. It is a document that outlines the main economic adviser's perspective. Before its release, it requires approval from the Finance Minister. The Economic Survey is presented by the Finance Minister in the Parliament. Following that, the Chief Economic Adviser presents an overview of the current financial year.

On budget day, Tuesday, the Finance Minister will present the Union Budget in the Lok Sabha at 11 am. The budget speech will outline the government's fiscal policies, revenue and expenditure proposals, taxation reforms, and other significant announcements.

A key event before the budget presentation is the 'halwa ceremony'. A few days before the budget is presented, the government has a tradition of conducting a 'halwa ceremony', marking the start of budget document printing. This year, the Halwa ceremony, marking the final stage of the budget preparation process for the full budget of 2024-25, was held in North Block on July 16 in the presence of Finance Minister Sitharaman, Minister of State Pankaj Chaudhary, and secretaries. Officers and staff involved in the budget preparation and compilation process were also present on the occasion.

The most important feature that many will look out for is its central theme. In 2022, the central theme was 'Agile Approach', which emphasized on India's economic response to the COVID-19 pandemic shock. In 2023, it was 'recovery complete', when the economy staged a broad-based recovery from pandemic-induced contraction, Russian-Ukraine conflict, and inflation, and ascended to the pre-pandemic growth path.

The Economy Survey document may also give some idea about the tone and texture of the actual Budget for 2024-25, to be presented on Tuesday. The first economic survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the Budget documents and presented the day before the Union Budget.

The Economic Survey 2023-24 will be presented in Lok Sabha at 1 pm and in Rajya Sabha at 2 pm, followed by a press conference by Chief Economic Adviser Anantha Nageswaran.

It includes details of major economic figures and sector-specific trends, serving as an independent reference for understanding the economic policies of the government and their impact.

The report aims to assess the economic situation of the country and offer insights into the direction of the economy in the upcoming fiscal year.

The Economic Survey is a report that provides information on the implementation of various government schemes. It highlights trends in economic growth, detailing the amount of investment in different sectors and presenting key economic indicators and sector-wise economic trends.

The first part provides information about the state of the Indian economy, while the second part contains details of key economic indicators.

It serves as a comprehensive review of the nation's economic development in the previous fiscal year. The survey provides insights into the economic performance of the nation over the past year and serves as a key foundation for the subsequent budget. It acts as a primary means through which the government communicates the economic state of the country. 

The Economic Survey is traditionally presented a day before the Union Budget. The Finance Minister presents the Economic Survey in Parliament. Serving as a crucial annual report from the Finance Ministry, it is often referred to as an account of the economic well-being of the country. 

The Survey offers statistical information and analysis on various sectors of the economy, including data on employment, GDP growth, inflation, and the budget deficit.

The Economic Survey provides a comprehensive account of the state of the economy, its prospects, and policy challenges. It is prepared by a team led by Chief Economic Adviser V Anantha Nageswaran.

Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament today (July 22), a day ahead of the Union Budget. The survey will serve as a report card on the economy, detailing its performance and providing a growth outlook for the future.